Through SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst), and Faster Payments Service (FPS), the solution provides indirect access to local clearance for EURO. Without having to pay the development and administrative fees associated with integrating with various banks or taking part directly in the clearinghouses (ACH), financial institutions (FIs) and PSPs can use local payment schemes.

Michael Boel, Head of Clearing and Product Execution at Banking Circle, stated, "Giving clients faster 'go to market' accessibility is the key with our efficient and convenient Agency Banking solution." "We are giving our clients indirect access to SEPA SCT, SEPA Instant, and FPS by using our local clearing and settlement contacts. It is not necessary to maintain a central bank settlement account or establish a direct connection to a clearing house. For our clients, Banking Circle has eliminated expenses and integration complications by doing the "heavy lifting" of opening central bank accounts and establishing connections with clearing houses.

Indirect participants can issue accounts through Banking Circle's Agency Banking system, and they can send and receive payments using their own International Bank Account Numbers (IBANs) and Bank Identifier Codes (BICs). The account and IBAN will be in the format specific to the nation in which the financial institution or PSP is regulated. This format will include the branch code of the institution, which can be acquired from its regulator or, in the case of the UK, from a Pay.UK member like Banking Circle.

When a FI or PSP uses their own BIC and IBAN to process payments, they are presenting themselves as the ordering party and their client as the sender. In doing so, the client maintains control over their connections with their end customers and offers complete payment transparency. For all payment and collection requirements, a simple integration via API or SWIFT gives access to Banking Circle's Agency Banking solution. FIs and PSPs that wish to participate indirectly must be licensed in the UK or the SEPA zone in order to be eligible.

A press statement issued by the European Parliament on February 7, 2024, stated that a new legislation requiring rapid payment choices for sending and receiving money for customers and businesses operating in the SEPA zone has been passed. By enabling FIs and PSPs to "speed to market" for immediate payment schemes and bridging the accessibility gap to become indirect participants in EURO and GBP payment schemes, Banking Circle's Agency Banking solution complies with this rule.

Michael went on, "Our Agency Banking solution is more proof of Banking Circle's dedication to enhance payments for the global banking system. "In order to provide real-time payments in an increasing number of currencies, we had to become a direct participant of Faster Payments ourselves in 2022. By including this in our Agency Banking solution, we assist clients in getting rid of yet another obstacle to timely and reasonably priced payments.

"With our Agency Banking solution, Banking Circle becomes an essential partner for growing FIs and PSPs in the increasingly globalization of payment requirements, in addition to our current industry-leading cross-border payment capabilities."